All Forum Posts by: Marty Happle

Just like in any business, if someone doesn't actually do it and make money at it, you may want to give ear to the ones that do.  @Bill McCafferty, who I know, and have worked with on some notes is banging it out all day, everyday.  Dave VanHorn, who taught me and my friends the business, is a national speaker and highly respected in this arena and he has built that all on 2nds.  He is only recently entering 1sts because if there is money to be made, then make it.  If you know how to buy and how to exit through the borrower, you will do very very well.  

@Joyce Hoffman  any update?

It MAY not be an eviction issue since there is no official landlord -tenant relationship.  It may fall under an ejectment. This is costly and time consuming. The court may tell you they can't help you and talk to an attorney. If that is the case she may be viewed as a trespasser and then possibly can be removed.  Even as the local police what you are permitted to do. If she is passed out drunk, call an ambulance and if they take her then you can secure the house. 

@Account Closed   That's assuming you bought a 2nd with a NP1st.  If the first is already performing when you purchase the 2nd then most likely the borrower wants to stay and makes a workout even more likely. 

For every 1st someone buys I can probably buy 3-5 2nds with a performing 1st and blow away the returns. 

thanks everyone

@Joseph Zanazan  I'm  doing a refi on the property to cash out. 

If you have more questions on buying notes send them my way.

PPR is where I started too.

Notes are awesome.  I definitely do not agree that 1st mortgages are the only way to go.  2nd mortgages are awesome and make tremendous returns.  If you need more help let me know.  

It is very possible to get "untouched" notes from investors or hedge funds who buy direct from banks and are not just brokers. I've bought in a few situations where you can either JV with a bigger buyer who has access already and then making their purchase a larger one. You get your chunk of the notes upon delivery. Then there are investors that will "broker" with your money, so in essence you get notes direct from the bank with their markup on it. They are buying a big pool that they flip a bunch of it themselves to put their money back at work and then keep a portion of it for themselves. They then get to do it with OPM (ours).

Having said that ...

1. You always need to know the seller as best as possible.  

2. Because someone has worked a note, does not mean that it isn't good.  I could be that when you get the note, that is the moment when things change in the borrower's situation.

3.  Stick to warranties with the types of notes you want and getting collateral in a reasonable amount of time.

Let me set the stage here...

1.  Bought an investment property cash that was a short sale on April 17

2.  I'm doing a re-fi right now

3.  Title came up that the mortgage was not discharged 

4.  My attorney's paralegal closed the deal and said he filed the paperwork himself

5.  Now that same paralegal is saying that we are waiting for the discharge since the lender sent it to the county 

6.  I asked if this was something that the title insurance policy would take care of and I was told that "this is not a title issue or claim by any stretch"  

  I'm either ready to call the title company myself monday morning or get a new attorney. 

Can we close with title insurance taking responsibility?

@Ned Carey thanks.. I just asked my attorney's paralegal to look into it.  ;o)